Rocket Mortgage and United Wholesale Mortgage (UWM) are the two largest mortgage lenders in the US by number of loans originated. But one of these lenders operates exclusively in wholesale loans — you can probably guess by the name — so if you aren’t interested in working with a mortgage broker, it won’t be the right lender for you.
As opposed to United Wholesale Mortgage, which works exclusively with mortgage brokers, Rocket Mortgage operates in both the wholesale and retail home loan markets and is the largest mortgage lender in the US.
This lender offers a streamlined and fully online mortgage application process, making it ideal for first-time homebuyers and existing homeowners who prefer to complete the process independently online. For those who prefer a mortgage broker’s service and guidance, Rocket Mortgage also makes it straightforward to connect with a local expert.
Rocket Mortgage’s rates are competitive, and you can find them on its website. For homebuyers who are shopping around and comparing lenders, this makes things much easier. The FAQ section of its website also provides a ton of helpful information about the company and its mortgage process.
But Rocket Mortgage does fall short in its transparency about its fees, as there’s no mention of its lender fees on its website. According to a Rocket Mortgage loan officer, expect to pay a $1,250 processing and underwriting fee.
When comparing United Wholesale Mortgage versus Rocket Mortgage, Rocket Mortgage pulls ahead. It offers wholesale mortgages but also retail mortgages you can get entirely online and by yourself. Though we had to reach out to get specifics about its fees, information about its rates and fees is accessible. To even see UWM’s rates, you have to be a mortgage broker with a UWM account.
United Wholesale Mortgage |
Rocket Mortgage |
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| Get rates | See rates | |
| At a quick glance |
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| Loan products offered | Conventional, FHA, VA, USDA, Refinance | Conventional, Jumbo, FHA, VA, Refinance |
| State availability | Available in all states | Available in all states |
| Min. credit score | 620 | 620 |
| BBB Rating | A+ | A+ |
| Trustpilot Rating | 3.7 | Great |
| Pros |
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| Cons |
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| More info | Read Review | Read Review |
As of January 2022, United Wholesale Mortgage has a 4.5 out of 5-star rating on Google based on over 2,100 customer reviews from both mortgage brokers and homebuyers. The lender’s Better Business Bureau (BBB) profile was being updated at the time of this writing, but at last check, the lender held an A+ rating with a 3.35 out of 5-star rating from over 300 customers.
Those that had a positive experience highlighted the lender’s simplified mortgage process, speedy closing times and reliability. Most of these reviews are from brokers. On the other hand, most complaints are from homeowners. Common complaints include a faulty website and software, poor customer service and excessive fees.
Rocket Mortgage’s customer reviews across the BBB, Trustpilot and Zillow are mostly positive. As of January 2022, Rocket Mortgage holds an A+ rating with the BBB and has been BBB accredited since 1986. The lender is rated 2.85 out of 5 stars based on more than 1,780 customer reviews.
On Trustpilot, Rocket Mortgage has a 4.0 out of 5-star rating based on more than 3,700 reviews. The lender’s Zillow ratings are the highest, earning 4.48 out of 5 stars based on more than 7,800 reviews.
Satisfied customers praise the lender’s knowledgeable and helpful team, smooth process and quick closing. Common complaints include frequent below-market appraisals, poor communication and expensive fees.
For starters, since United Wholesale Mortgage is a mortgage wholesaler, you’ll need to work with a mortgage broker who is approved to work with UWM. If you go this route, expect to pay between 0.5% to 2% of your mortgage amount in commissions. This is on top of any other third-party costs and fees associated with getting a mortgage. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
While a mortgage broker can better steer you through the mortgage process, you could instead use an online marketplace like LendingTree or Credible to compare rates of several lenders free of charge.
For those interested in working directly with a lender like Rocket Mortgage, one that offers a similar fully online and streamlined mortgage application process but with fewer fees, consider Beeline and Better. Both are highly rated digital lenders that don’t charge any sort of lender fee.
Alternatively, compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
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